Circle Internet Group Inc.’s stock on Wednesday added to its two-week surge, after the U.S. Senate passed a bill called the Genius Act to set up a regulatory framework for stablecoins. Circle Internet the stablecoin issuer that went public on June 5,

Shares of Circle Internet jumped 16% in morning trading on Wednesday after the U.S. Senate approved a milestone stablecoin bill, fueling hopes for broader adoption of what was once a niche corner of the crypto sector.

Circle stock rallied nearly 20% on the Senate's passage of a stablecoin regulation bill, a move that is considered to be a major win for the crypto industry.